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Fresh Short-Term Low

AUDUSD TECHS
  • RES 4: 0.7630 1.236 proj of the Aug 20 - Sep 3 - Sep 29 price swing
  • RES 3: 0.7599 High Jul 6
  • RES 2: 0.7550/57 200-dma / 50.0% of the Feb - Aug sell-off
  • RES 1: 0.7432/7471 High Nov 9 / High Nov 4
  • PRICE: 0.7358 @ 06:40 GMT Nov 10
  • SUP 1: 0.7353 Intraday low
  • SUP 2: 0.7317 61.8% retracement of the Sep 29 - Oct 28 rally
  • SUP 3: 0.7261 76.4% retracement of the Sep 29 - Oct 28 rally
  • SUP 4: 0.7226/7170 Low Oct 6 / Low Sep 29

AUDUSD is trading lower again today as the pair extends the recent bout of vulnerability. The continued short-term weakness suggests scope for a deeper pullback and has opened 0.7317, a Fibonacci retracement. Note that the recent move lower is considered corrective. The recent breach of 0.7546, Oct 21 high confirmed a resumption of the uptrend and has exposed the 200-dma at 0.7550. A break of the 200-dma would be bullish.

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